In the last six weeks interest rates have risen approximately by half a percentage point (.50%). Right now the benchmark 30-year fixed-rate mortgage sits at 4.14% according to the Bankrate.com national survey of large lenders. That is up from 3.52% when it was at its lowest point in early May.
The 15-year fixed-rate mortgage as well as all adjustable rate mortgages are also higher than last month. Even though rates have risen each week most economists are predicting that the rates will stay fairly consistent to where they are right now. The rapid rise in the rates are due in part to the signaling that the Fed has done recently that it will slow down its monthly bond purchases as it looks to scale back its third round of quantitative easing known as QE3.
Even though rates are higher than last month, rates in the 4s are still considered by most people as extremely low rates. And with the continuation of the HARP refinancing program many homeowers with rates in the 5s, 6s, or 7s can still benefit tremendously by refinancing their existing mortgage even if they still owe more than their home is worth.